Agraga Raises INR 70 Crore In Series A Funding The latest infusion of funds will enable Agraga to expand operations across India from its current presence in 3 cities to over 15 cities by March 2024
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Agraga, a unified digital logistics platform that seamlessly integrates asset holders to simplify cross-border logistics, has raised INR 70 crore in its recent Series A round led by IvyCap Ventures, a homegrown venture capital firm, with participation from Alteria. This latest infusion of funds will enable Agraga to expand operations across India from its current presence in 3 cities to over 15 cities by March 2024.
The Indian government's target to increase exports to $2 trillion by 2030 reinforces this point. To achieve this objective, technology will be a critical enabler, and Agraga's advanced technology stack is well-equipped to support this endeavor. Our delayered supply chain offers significant cost benefits, while our streamlined process minimizes the coordination and monitoring efforts required by our customers. Ultimately, our mission is to deliver a world-class experience to our customers and partners worldwide, while creating long-term value for our stakeholders," said Venkatesh Narayanaswamy, co-founder and CEO, Agraga.
Agraga plans to augment its technology stack to provide end-to-end solutions globally and improve its integrations with asset partners like ocean/air carriers, warehouses, transporters, and customs departments. Agraga aims to eliminate multiple intermediaries to deliver price discoverability, transparency, route optimization, and better turnaround times digitally via its platform. Also, Tej Kapoor, managing partner of IvyCap Ventures will be joining the board of Agraga on behalf of IvyCap Ventures, according to an official statement by the company.
"We are thrilled about this partnership with Agraga in their pursuit of resolving the critical challenge of cross-border logistics. Their platform leverages technology to provide a transparent, streamlined, and cost-effective approach to the supply chain ecosystem, and we are excited about their vision of transforming the global logistics industry," said Vikram Gupta, founder and managing partner, IvyCap Ventures.
Co-founded by Venkatesh Narayanaswamy and Anoop Raghavan, Agraga commenced its operations in December 2021 and has bootstrapped its business to date with a clientele of over 200 customers from the enterprise segment and MSMEs, and more than 500 digitally connected partners, providing them with avant-garde solutions in over 30 countries worldwide. In addition, in the next five years, Agraga aspires to become a prominent player in the emerging markets of the ISC and SEA regions in the cross-border and contract logistics domain, claimed by the company in the statement.